RE: Jersey where's the beef?NEWS
News Release 2005-2 AUROGIN RESOURCES LTD. 'AUQ' TSX-V January 17, 2005
Aurogin in Joint Venture on New Brunswick Gold-Base Metal Play
Aurogin Resources Ltd. ("Aurogin" AUQ -- TSX Venture) announces that it has entered into a joint venture with a private U.S. company to explore a 40 sq. km land package north-west of Bathurst New Brunswick. Aurogin has earned its 50% interest in the "Nicholas Denys" joint venture by completing an airborne AeroTEM II electromagnetic and magnetometer survey over the area. The survey has provided the joint venture with some encouraging targets.
Under the terms of the agreement, the private company assembled the land package and Aurogin was required to spend $50,000 toward the airborne survey to earn its interest. With this complete, the partners will share all future costs of the project on a 50:50 basis.
The partners were drawn to the area (see web site for map www.auroginresources.com ) because of the numerous gold and base metal occurrences in the area and the lack of systematic exploration covering the area. Also, there are abundant arsenic anomalies in the area which are often associated with gold-bearing sulphide deposits. The property package includes staked claims and three claim blocks under option to the joint venture from third parties. The property hosts the Beresford Copper Deposit which is a skarn associated with the Nicholas Denys granitic stock. Published historical estimates of resources (Energy Mines and Resources Canada MR 223) of the deposit (pre-dating and therefore not in accordance with National Instrument 43-101) range from 200,000 tons grading 2% Cu to 558,883 tons grading 1.8% Cu or 453,928 tons grading 1.29% Cu. The Elmtree Gold Deposit, under option to Stratabound Minerals Corp., lies within the northern portion of the survey area. Resources at the
Elmtree (Alcida) deposit, using the same reference and qualifiers, range from 350,000 tons grading 0.13 oz/ton to 650,000 tons grading 0.15 oz/ton. Aurogin has not done the work necessary to verify the classification of these resources.
The new AeroTEM II system is ideal for finding both massive and stringer-type sulphide deposits and has been used successfully on previous projects. A large tonnage, low-grade gold deposit was discovered only 12 km north of the survey area in 2002, and is still held by Aurogin. Aurogin also used the system to find numerous gold and copper occurrences at the Rambler Project in Central Newfoundland. FNX Mining found the "Powerline Deposit" with AeroTEM and other companies have been successful in finding many nickel deposits at Raglan.
"The conductors that we have identified are very attractive when you note that some are associated with known skarn deposits with anomalous gold, some are on strike with known gold deposits, some are close to untested surface showings and most are within the area of stream geochemistry arsenic anomalies" said John H. Paterson, P.Eng. President & CEO. "Any one of these targets could turn out to be a significant deposit and we intend to systematically evaluate each of them." he added.
Dr. Norman R. Paterson, PhD. P.Eng. is the Qualified Person for this project and a director of the Company.
Aurogin is actively exploring in Canada and Guatemala. Further information can be found on Aurogin's web site at: www.auroginresources.com
Aurogin Resources Ltd. Listed: 'AUQ' - TSX Venture Issued: 27,119,055 common shares
For information contact: John H. Paterson, P.Eng. (416) 214-4809
E-mail: jpaterson@bellnet.ca or visit our website: www.auroginresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for this News release.
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